FX.co ★ Elliott wave analysis of EUR/JPY for September 26, 2017

EUR/JPY - Weekly

EUR/JPY - 4 Hourly

Wave summary:

The break below minor support at 133.24 was the first good indication that wave (D) has completed prematurely and wave (E) now is developing. A break below support at 131.70 will add confidence in this count, while a break below the support-line near 131.10 will confirm the count and look for more downside pressure in wave (E), ideally close to support at 117.72. This should complete the huge triangle that has been developing since July 2008 for a strong rally above 134.41.

R3: 134.24

R2: 133.46

R1: 132.52

Pivot: 132.00

S1: 131.70

S2: 131.10

S3: 130.56

Trading recommendation:

Our stop at 133.15 was hit for a profit of 139 pips. We will be looking for a new selling opportunity.